Focus on Precious Metals, Trade Quiet, Market Waits to Hear from Bernanke
Aug Gold was last + 7.00 at 1,290.50 oz.
Spot Gold was last quoted + 8.60 at 1,292.25 oz.
Sept Comex Silver last traded + 0.116 at 19.955 oz
World market are looking ahead to Wednesday appearance by US Federal Reserve Chair Bernanke before the US House of Representatives, he will report on US monetary policy and the economy.
Traders hope the Fed Chair will offer clues on when the Fed will start to back off on its QE program. Many still believe the Fed will begin to pare in September, but last week hinted he wants QE to start to wind down later rather than sooner, as he feels the US economic recovery is fragile.
US economic data out Tuesday; consumer price index for June came in a bit higher than expected, + 0.5%, industrial production and capacity utilization was close to expectations. The data has not impacted the market or precious metals.
Reports overnight said demand for physical Gold from India and Asia is growing, this is supportive for the overall Gold market. The word is that central banks are buying Gold at these lowered prices.
Latest posts by Paul Ebeling (see all)
- Wednesday’s Technical Analysis For: DJIA (.DJI) - October 7, 2015
- Wednesday’s Technical Analysis For: Gold (GLD - October 7, 2015
- Crude Oil Trading Higher Ahead Of Supply Data - October 7, 2015
- US Fed Working To Maintain Fed Funds Rates At Zero+ - October 7, 2015
- Forex Technical Analysis For: EUR/USD (Daily) - October 7, 2015
Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.
Wednesday's Technical Analysis For: DJIA (.DJI) $DIA US30 Index (DJIA) ... read more
Forex Technical Analysis For: EUR/USD (Daily) Euro EUR/USD The EUR/USD ... read more
Wednesday's Technical Analysis For: Gold (GLD) $GLD Spot Gold closed ... read more
F1: Red Bull, Its Not Too Late To Rescue 2016 ... read more